Dacheng Attorneys Advise First Credit ABS Project of Industrial Bank for 2014

On January 24, the Industrial Bank successfully completed bidding and issued RMB5.184185bn worth of credit asset-backed securities on the National Inter-bank Bond Market, after gaining approval from People’s Bank of China.
 
“2014 Xingyuan Credit Asset-backed Securities” is the first approved ABS project launched by a joint-stock commercial bank since August 2013 when the State Council decided to increase experiments of the securitization of credit assets. It is also the first asset-backed securitization project to apply the newly stipulated risk retention rule since the securitization reform of the central bank and CBRC started. Moreover, it is also the single largest securitization project that has been launched by a joint-stock commercial bank in terms of the size of bidders since 2012.
 
A Dacheng team led by senior partners Liu Haiping and Liu Fei provided legal service for the securitization project. This is the first successful asset-backed securitization project launched by the Industrial Bank that engages the services of Dacheng. Since the beginning of 2013, the team has advised on eight credit asset-backed and enterprise asset-backed securitization projects.